The US Financial Industry Regulatory Authority (FINRA) first issued fraud charges related to ICO. FINRA accused Massachusetts resident Timothy Tilton Ayre of defrauding investors by selling a cryptocurrency called "HempCoin." According to the complaint Ayre repackaged HempCoin and promoted it as a security backed by RMTN common stock. It is reported that RMTN is a company founded by Ayre without any value. In addition he also promoted the listing of HempCoin on two exchanges the world's first cryptocurrency representing the equity of a listed company.